Platinum prices have shot up fast in 2025, climbing nearly 80 percent to around $1,600 per ounce by early December, and even hitting a 17-and-a-half-year high of $1,954 per ounce recently.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/https://tradingeconomics.com/commodity/platinum/news/510862 This big jump beats out gains in related metals like palladium at 70 percent and gold at 58 percent.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/
The main reason is a supply deficit that has lasted three years and might stick around for a few more.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/https://goldinvest.de/en/platinum-price-soaring-why-the-wpic-sees-little-relief/ Experts from the World Platinum Investment Council expect this shortage to continue through 2025, with only a tiny surplus possible in 2026.https://goldinvest.de/en/platinum-price-soaring-why-the-wpic-sees-little-relief/ Most platinum comes from mines in South Africa and Russia, where issues like labor strikes, power problems, and geopolitical tensions have cut output.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
Demand stays strong because platinum plays key roles in cars, especially catalytic converters that clean exhaust, plus electronics, chemicals, and jewelry.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/ The rise of the hydrogen economy adds more pull, as platinum works great in fuel cells for clean energy vehicles and power systems.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/ A recovering auto industry and tougher rules on emissions worldwide keep this demand high.
Platinum also tracks gold prices closely, and gold’s rally this year has lifted it too.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/ Investors are buying more through ETFs amid trade worries and a tougher global economy that has held up better than expected.https://goldinvest.de/en/platinum-price-soaring-why-the-wpic-sees-little-relief/ Recycling from old parts helps a bit, but it cannot fully cover the gap yet.https://www.interactivebrokers.com/campus/traders-insight/securities/commodities/why-a-structural-deficit-and-hydrogen-economy-could-boost-platinum/
Analysts see prices heading higher, maybe to $1,770 by the end of 2025 and even $2,340 in 2026 if demand grows and supply stays tight.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/ Risks like a stronger US dollar or economic slowdowns could slow things, but right now the mix of tight supply and steady demand drives the surge.https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
Sources
https://www.interactivebrokers.com/campus/traders-insigh